Dogecoin Faces Resistance at $0.26 as Profit-Taking Pulls Price Back
Dogecoin (DOGE) failed to sustain gains above $0.26 on Wednesday, triggering institutional profit-taking that brought the price down to roughly $0.25.
On-Chain Activity Signals Accumulation
Despite the short-term setback, on-chain data indicates that large holders added 30 million DOGE (around $8 million), suggesting ongoing accumulation even as near-term resistance caps upward momentum.
Market Movements
- DOGE traded between $0.24 and $0.26 over the past 24 hours, marking a 6% intraday range.
- Afternoon trading pushed DOGE to $0.26 on a 750M token volume—double the daily average—before profit-taking reversed the gains.
- Late-session liquidation flows briefly dragged the price below $0.25.
- DOGE closed at $0.25, down approximately 2% from intraday highs.
Technical Insights
- Repeated rejections at $0.26 reinforce strong resistance.
- Short-term support levels to monitor are $0.25 and $0.24.
- Whale accumulation highlights institutional confidence in DOGE’s broader structure.
- Breaking above $0.26 could open the path to $0.27–$0.30, while $0.41 remains a significant long-term target.
What Traders Are Watching
- Recovery of $0.25 support after liquidation pressure.
- Continued accumulation by whales to counter distribution at resistance.
- A decisive breakout above $0.26 signaling renewed upward momentum.
- Longer-term focus on $0.41, aligned with historical breakout cycles.
